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Gungun Bhatia
Dec 9, 2022
by Gungun Bhatia

Amber Group Cancels $25M Chelsea Endorsement Deal Amid Job Losses

Amber Chelsea

Table of contents

  1. Chelsea Wore Jerseys with the Logo of Amber System
  2. Suspension of Extension
According to a source cited in a Bloomberg article, Singapore-based cryptocurrency trading company Amber Group is ending a $25 million endorsement deal with football team Chelsea FC.

Chelsea Wore Jerseys with the Logo of Amber System

According to the article, Temasek and Sequoia Capital-backed Amber Group is also cutting off about 300 employees to reduce its personnel from over 1,100 to under 400. As part of the partnership, Chelsea wore jerseys with the emblem of Amber's WhaleFin trading system for the current 2022–2023 season.

The decision to cut back on staff and cancel the endorsement, which was just disclosed seven months ago, was made amid a period of cyclical weakness in the cryptocurrency sector that saw the failure of significant businesses, including FTX, BlockFi, and Celsius Network.

Suspension of Extension

The cryptocurrency dealer is also scaling up its retail activities, which will result in a reduction of its client base from hundreds of thousands to just 100 as it concentrates on investment firms and family offices.

Additionally, according to an FT story, Amber only received $50 million out of a projected $100 million investment, and it suspended its expansion ambitions. Crypto detective lookonchain claims that Amber Group has barely $9.46 million in assets, leading on-chain analysts to speculate that Amber Group may follow the lead of Alameda Research, the trading company connected to FTX that collapsed last month.

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Cryptocurrency Amber Group Chelsea FC Endorsement Deal
Amber Group Cancels $25M Chelsea Endorsement Deal Amid Job Losses
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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